As of the 13F filings dated June 30, 2026, the combined exposure of 30 known institutions holding the three Hyperliquid ETFs was $74,882,768, equivalent to about 1,151,386 HYPE. This figure needs to be understood in the context of HYPE’s circulating market cap at the time—its share was extremely small, and institutional participation was still at an early stage. A more important structural issue is concentration of holdings. Wealth High Governance Asset Management ranked first with $23.94 million, followed by OLP Capital Management with $10.5 million, while UBS, Bank of Montreal, and Jane Street ranked third through fifth. The top five together accounted for $53.04 million, or 70.84% of total disclosed exposure. Such concentration means HYPE’s so-called "institutional holdings" are in reality heavily dependent on the decisions of just a few funds—if any one of them decides to reduce its position, the market impact would be magnified. Jane Street’s holdings ($4.38 million) are most likely inventory generated by market-making activity rather than a directional bullish view from Jane Street on HYPE. Market makers typically hold ETF shares for hedging or arbitrage purposes, which is fundamentally different from long-term allocation. UBS and Bank of Montreal’s holdings are more likely to reflect underlying client orders—clients trade through banks, and the banks report these positions under their own names. Compared with the early listing data of ETFs for other L1s, the $74.9 million level of 13F disclosures is not particularly low, but this number has a much smaller impact on HYPE’s market cap than it would on smaller tokens. Another limitation of 13F data is that it only covers U.S.-registered investment advisers; many overseas funds holding HYPE, or institutions gaining exposure through over-the-counter derivatives, will not appear in this filing. Therefore, this data represents a lower bound of institutional participation rather than the full picture. Key point to watch: if next quarter’s 13F filings show a change in Wealth High Governance’s position (either an increase or a full liquidation), that would be a stronger signal than HYPE’s price volatility—because it currently holds the largest known single institutional position.